Sushi (SUSHI): how it works, supply and reviews
In short
- Type
- Decentralised exchange (AMM) and swap aggregator made of smart contracts, not a separate blockchain
- Issuance
- Launched with 1,000 SUSHI per Ethereum block for about two weeks, then 100 SUSHI per block
- Risks and caveats
- SUSHI has no hard-capped supply; emissions continue unless governance changes them
- Checked
- 31 October 2026
Visitor ratings: do you like Sushi?
Key facts
- Ticker
- SUSHI
- Official site
- sushi.com
Key facts checked on 31 October 2026 against official sources.
What is Sushi
Sushi, often called SushiSwap, is a decentralised exchange built around an automated market maker (AMM), launched in August 2020 as a community fork of Uniswap. It also runs a swap aggregator that routes trades across other DEXes, and SUSHI is its governance token, which can be staked as xSUSHI for a share of protocol fees.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Decentralised exchange (AMM) and swap aggregator made of smart contracts, not a separate blockchain |
| Pricing | Swaps use liquidity pools rather than order books; LPs earn a share of trading fees |
| Aggregator | The aggregator routes trades across multiple DEXes to reduce slippage |
| Fees | Typical swap fee 0.30%, of which 0.05% goes to SUSHI buybacks for xSUSHI stakers |
Supply and issuance
| Parameter | Details |
|---|---|
| Issuance | Launched with 1,000 SUSHI per Ethereum block for about two weeks, then 100 SUSHI per block |
| Maximum supply | The docs state there is no hard cap and governance can change reward rates; the same page lists a total supply of 280 million |
| Initial distribution | New SUSHI goes to liquidity providers; historically 10% went to a developer fund, adjusted later by governance |
What SUSHI is used for
- Governance: SUSHI holders vote on proposals about fees, rewards and treasury use
- Staking: SUSHI staked in the SushiBar becomes xSUSHI, which receives fee-funded SUSHI buybacks
- Liquidity incentives: LPs in selected pools earn newly minted SUSHI
Who develops and governs Sushi
- Founders
- Launched by an anonymous developer known as Chef Nomi, who withdrew development funds early on and later returned them
- Governance
- Forum discussion and Snapshot votes weighted by SUSHIPOWAH; only proposals posted by the core team are binding, with a 5 million SUSHIPOWAH quorum
- Treasury
- Dev fund spending needs 4 of 6 signatures from a community-elected Treasury Council multisig
- Company
- The web app is operated by Sushi Labs, named in the site's cookie notice
History
| Date | Event |
|---|---|
| August 2020 | SushiSwap launched as a fork of Uniswap, led by the anonymous developer Chef Nomi |
| August 2020 | The SUSHI token was introduced with the fork to reward liquidity providers and enable governance |
| 15 October 2025 | Sushi announced Blade, an AMM design aimed at removing impermanent loss |
| 10 February 2026 | Sushi went live on the Stellar network |
Security and audits
- Bug bounty on Immunefi; security contact security@sushi.com
- The docs say Sushi engages auditors but list no dated reports
Security incidents
| Date | What happened | Source |
|---|---|---|
| 8 April 2023 | Exploit: An approval bug in the new RouteProcessor2 router (soft-launched on 14 networks on 8 April 2023) let attackers drain tokens approved to it; MEV bots replayed a white-hat attempt and drained about 1,800 WETH from one user. HYDN's white-hat rescue saved over $750k of user funds. Funds returned: As of the post-mortem (18 Apr 2023): 885 ETH returned (about 685 ETH to Sushi's multisig, 190 ETH to the affected user, 10 ETH to the rescue contract), about 795 ETH sat in Lido's execution-layer rewards vault, and a claim process was set up for affected users. | sushi.com |
Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here.
Official SUSHI contracts
| Network | Contract address |
|---|---|
| Ethereum | 0x6B3595068778DD592e39A122f4f5a5cF09C90fE2 |
SUSHI token contract on Ethereum, as listed in the Sushi docs.
Risks and caveats
- SUSHI has no hard-capped supply; emissions continue unless governance changes them
- Only proposals posted by the core team are binding, and operational changes sit with a core-team multisig
- The founder is anonymous and withdrew development funds in 2020 before returning them
Official links
- Website: www.sushi.com
- Docs: docs.sushi.com
- Source code: github.com/sushiswap
- Blog: www.sushi.com/blog
- Governance forum: forum.sushi.com
- Governance votes: snapshot.org/#/sushigov.eth
Questions and answers
What is SushiSwap?
A decentralised exchange built on an AMM, launched in August 2020 as a fork of Uniswap, which also offers a swap aggregator and SUSHI staking.
Who created SushiSwap?
An anonymous developer known as Chef Nomi launched it in August 2020.
Does SUSHI have a maximum supply?
The docs state SUSHI has no hard-capped maximum supply; emissions continue and governance can change the rate.
What is xSUSHI?
Staked SUSHI from the SushiBar contract; it receives SUSHI bought back with 0.05% of swap fees.
Sources
- Sushi docs - What is Sushi
- Sushi docs - Tokenomics
- Sushi docs - Governance
- Sushi docs - Security
- Sushi docs - Resources
- Sushi - Web app
- Sushi - Blog
More in this section
- Rocket Pool (RPL)
- Synthetix (SNX)
- Berachain (BERA)
- Curve Finance (CRV)
- Osmosis (OSMO)
- MultiversX (EGLD)
- All Crypto projects →
How voting works
Votes are anonymous and carry no text. Each device has one vote per item; press the same button again to remove it. Cloudflare Turnstile checks that a person is voting. We keep a random device ID in a cookie and a salted hash of the IP address to limit abuse — no names, no accounts. Votes are visitors’ opinions, not investment advice.
Page updated: